Kroenke, who made his billions in real estate, bought 60 acres next to The Forum (former home of the Lakers and Kings) last year and is teaming up with Stockbridge Capital Group, owners of the 238-acre Hollywood Park Site, on the project.

"We are excited to unveil an expanded plan that will bring a world-class sports and entertainment district to Hollywood Park," Terry Fancher, founder of Stockbridge, said in a statement. "We are committed to working with [the Kroenke Group] to build a project that will put Inglewood back on the map as home of the truly great sports and entertainment venues."

The Rams can convert their lease in St. Louis to a year-to-year agreement later this month and can end the 30-year lease a decade early because the team and city have not reached an agreement on improvements to the Edward Jones Dome. The sides are still $575 million apart on negotiations, but the proposed move to Los Angeles, where the Rams played from 1946 to 1994, puts heavy pressure on the city to accommodate the team’s demands.

St. Louis stadium task force leaders Bob Blitz and Dave Peacock released a statement in response to the Kroenke news:

"The news today is another reminder of how much competition there can be for National Football League franchises and projects that include NFL stadiums, but it does not change our timeline or approach. It is important to remember this will be a long-term process, but one that the State of Missouri and the St. Louis region are fully pledged to seeing through. We are ready to demonstrate our commitment to keeping the NFL here, and to continue to illustrate why St. Louis has been and will always be a strong NFL market. We will present a plan to Governor Nixon this Friday as scheduled, and we expect that it will meet his criteria, thereby allowing us to share our vision with the public shortly thereafter. In the meantime, we will continue to have discussions with the NFL, as well as Rams leadership."

Jeff Rainford, a spokesman for St. Louis Mayor Francis Slay, said the city will not get into a bidding war for the team.

“A National Football League franchise does have value, and we should want one, but let’s use some common sense,” Rainford said, according to the St. Louis Post-Dispatch. “The parameters are not a blank check.”

Also in that Post-Dispatch article, Missouri Gov. Jay Nixon was quoted as saying in a statement that "St. Louis is an NFL city and I am committed to keeping it that way." He added that he expects to receive a stadium plan this week “that’s consistent with our principles of protecting taxpayers, creating jobs, and making significant use of private investment to clean up and revitalize underutilized areas.”

The Kroenke Group plans to begin collecting signatures for an initiative that would put the project on the ballot in Inglewood in 2015. If all goes according to plan, the stadium could be done by 2018.

"This will hasten the time for the citizens of Inglewood to get the project they deserve," Inglewood Mayor James T. Butts Jr. said. "This is something they have waited for for a long time."

The earliest a team could relocate is 2016, but the Rams could play in either the Rose Bowl or Coliseum while their new home is under construction.

In response to the story, NFL spokesman Brian McCarthy told Pro Football Talk via email: “No team has applied for relocation and there will be no team relocations for the 2015 season. We are committed to working towards having franchises that are strong and successful in their existing markets. Any decision on relocation in 2016 or later is subject to approval by the 32 clubs. An affirmative vote by 24 of 32 clubs (three-fourths) is required.”